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20130113
20130121
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Search Results 0 to 23 of about 24 (some duplicates have been removed)
and broadening opportunity for the middle class is shrinking our deficits in a balanced and responsible way. and for nearly two years now, i've been fighting for such a plan -- one that would reduce our deficits by $4 trillion over the next decade, which would stabilize our debt and our deficit in a sustainable way for the next decade. that would be enough not only to stop the growth of our debt relative to the size of our economy, but it would make it manageable so it doesn't crowd out the investments we need to make in people and education and job training and science and medical research -- all the things that help us grow. now, step by step, we've made progress towards that goal. over the past two years, i've signed into law about $1.4 trillion in spending cuts. two weeks ago, i signed into law more than $600 billion in new revenue by making sure the wealthiest americans begin to pay their fair share. when you add the money that we'll save in interest payments on the debt, all together that adds up to a total of about $2.5 trillion in deficit reduction over the past two years -- not cou
. our current obsession with slashing the deficit and avoiding that well-known and worn fiscal cliff is killing us, krugman writes, getting in the way of what really needs to be done, which is dedicating government to creating jobs and getting us back to full employment. he blames not only congress but the white house. paul krugman is professor of economics and international affairs at princeton university. since 1999, he's been an op-ed columnist at "the new york times" and now also writes a blog for the paper titled "the conscience of a liberal." according to the search engine technorati, it's the most popular blog by an individual on the internet. author or editor of some 20 books and more than 200 professional papers, krugman is a thinker so esteemed and widely known in his field he's become an icon. not only has he won the nobel prize in economics, he's also the subject of this song by the balladeer loudon wainwright iii -- ♪ i read the new york times that's where i get my news ♪ ♪ paul krugman's on the op-ed page that's where i get ♪ ♪ the blues 'cause paul always tel
the narrow lens of deficit reduction so the larger goal of economic growth and maintaining the health and economic security of all americans. now, there's no question that reducing the federal deficit is a worthwhile goal. nobody's going to argue with that. we need to address our nation's long term physical problem. we understand that. they affect all of us. most importantly our children and our grandchildren. their future would not be bright if they are drowning in red ink of budget deficits and soaring national debt. we understand that too. however, their futures will not be very bright if they can't afford health care or if they can't afford a quality education or if they don't have the opportunity to attain long term financial security. leaving them with less economic security by weakening social security and medicare would be just as bad, and for many people, it would be worse, and if we weaken social security and medicare to the point of their parents and grandparents to no longer live with dignity and purpose, we will be risking their futures as well. as a nation, we have to br
you the deficit. but the actual debt payment, are less than 90 cents on the dollar that we take in. so even if the president as he should should pays our debts, that leaves him with 90 cents on every dollar that comes in to fund the other priorities of government and he wants to threaten not to pay that debt service. i think that's irresponsible of the president to be suggesting default on the debt. we ought to be talking about a bipartisan solution to the spending problem that got us here in the first place. >> i have heard talk in the republican conference about a one or two or three month extension on the debt ceiling. and on a continuing resolution for the budget to run the government. is that one to three month solution not still on the table? >> well, larry, we're proposing a number of different solution, both short term and long term. frankly, president obama needs to start rolling up his sleeves and focusing on both instead of sitting over in the white house and kind of throwing out all the threats to everybody across the country and running around campaigning as if he's still
'd never use the debt ceiling to negotiate. there's been three or four deficit deals reached during debt ceiling negotiations. that's what they've been used for in the past. in fact, you voted no on raising the debt ceiling in 2006, and some other things. and then to see him actually, he looked shocked that his loyal cadre of acolytes that someone would actually broach the subject that, you know, that he actually had a tough time answering. >> i think it shows the position he's in, though. he gets attacked from the right and the left. >> he doesn't get attack. the questions i want asked are never asked of him anywhere. >> he should come on "squawk." >> that's not going to happen. >> i'll get out. is that possible? >> no. >> i had a story but we'll talk about that one later. >> what's your story? >> we'll do it later in the broadcast. >> about nerds? >> what else would it be about? you want me to talk to here? i'm going to talk to here. coming up this morning's top stories, plus we're going to hop behind the wheel with nissan ceo carlos ghosn at the detroit auto show. first check this out
, if there is new changes in the next couple of decades, deficits will rise, the debt to gdp ratios will rise and our debt will become unsustainable. an important objective for policy is to bring the federal budget under control over the next few decades. as you know, we're still in a relatively fragile recovery and we want to avoid taking fiscal actions that will push the economy back into recession. that was one of the risks that the fiscal cliff pose. tax increases and spending cuts to that size, the cbo and others estimated that unemployment would rise and we very well might go back into a recession. so the challenge is to achieve long run sustainability without unduly hampering the recovery which we have. the deal that was struck, together with the previous work in 2011 that involved some spending cuts made some progress in both of these goals. on longer and sustainability, over the next decade or so, we have seen some movement toward stability in terms of the debt to gdp ratio. more work can be done, for sure. and then, on the short run, the fiscal cliff deal on new year's eliminated a
to see him as the paragon of responsible spending. >> we'll start with the deficit, shrinking more rapidly than at any time since the end of the korean war. in the end of december, we had a deficit for the month of $260 million, not $260 billion, $260 million. which in washington is almost the budget. that's the smallest monthly deficit in five years. some of that is artificial. people pulling transactions forward because they were afraid of higher tax rates in 2013. but for the first three months of 2013, we have a rapidly shrinking fiscal 2013, we have a rapidly shrinking deficit. so we are in a way chasing a vanishing problem. >> which is interesting, and that would allow for some things that are dirty and things that are not so dirty, would completely perhaps get rid of this problem after a while. do you think we're headed for a full stalemate? >> it's such a shame. i think david is right because we have low debt service right now. we're paying less interest on our debt than we had in the reagan and bush administrations before because interest rates are so low. >> but they're g
invests to see our economy grow. the one silver bullet in deficit reduction is economic growth. we need to get out of this circle we're in right now and start talking about growth. how we start moving the economy forward because we'll never get out of the hole otherwise. melissa: stephen, that is a great point. do you move the economy forward and grow by raising taxes, do you think. >> president obama at one point believed we do not. he argued in twine and 2010 you would hurt economic growth if you raised taxes at time the economy was struggling. that is what he argued at time. melissa: what do you think, steven. raising taxes grows the economy or -- >> no, it does not grow the economy. we have to be serious how much the president contributed to overall debt picture. $6 trillion since he came to office. nearly $20,000 per united states citizen has been added since president obama came into office. so just silly to argue he hasn't contributed. melissa: blame game gets us nowhere because everybody contributed to it. god it is a mess and we have to fix it. when you hear people like nancy p
the deficit. so you have to open the door to private investment to do this job of rebuilding the power platform in the united states. >> host: and the technology aspect of that is? >> guest: technology aspect is manifold. and price performance improves every 18-24 mocks. in the last year we have gotten into the innovation cycle in batteries so by the end of 2020 electric vehicles will actually be price competitive with grass-driven cars. the problem with these things is that we can't wait. we can't wait because of the environmental effects and we can't wait because we need the economy to grow quickly right now. so the book lays out a whole bunch of different ideas for bringing private investment much more quickly into the job of rebuilding the power grid. >> host: on this show, a series on the international power plant, and he doesn't necessarily agree that the internet is completely green or is terribly green. what is your thought? >> guest: he is right about that. people say that data centers in the united states account for 2% of all electricity consumption. if it isn't exactly that
, they are about half way there in deficit reduction, and that modest changes to health care, entitlement spending could accompany the closing the tax loopholes. a marker on a future negotiation. house speaker bane says in response that the house does it job and passes responsible legislation that controls spending, meets our nation's obligations, and keeps the government running. we will insist that the democratic majority in washington do the same. republicans on thursday will have their annual conference retreat in williamsburg, virginia to discuss their debt ceiling strategy moving forward. back to you. >> and speaking of responsible bookkeeping as the president was, you're just getting word the president's budget won't be delivered by the february 4th deadline; is that right? >> yes. a spokesman for the house budget committee confirms the white house communicated to them they will not get their budget to the white house on time. this is a deadline they met in the past, although, it's not like the white house will not come out with their budget. releasing the budget. thanks so much. >> from wa
in spending in exchange for raising the borrowing limit. he says trimming the budget deficit should be a different discussion. >> to even entertain the idea of this happening, of the united states of america not paying its bills, is irresponsible. >> house speaker john boehner responded to this by saying the american people do not support raising the debt ceiling without reducing government spending at the same time. you can see the battle lines there very clearly. are you in hawaii or headed there? think twice. beware of getting in the water. check out this video. that's right, sharks near oahu's yokohama beach, two sharks were spotted swimming very, very dangerously close to the shore. i hope that guy's feet are not in the water. >> wow, that is super shallow. >> if steve stockman was serious he would have mentioned secession. secession is the line -- >> that's so old. >> i'm just saying. >> don't open any can of worms when i need to go to a break. >>> polls are showing more americans support tougher gun control laws. is there any common ground in washington, d.c.? we'll talk with
and therefore add to future budget deficits. this letter from the treasury secretary intended to put more political and public pressure on congress to do something on the debt ceiling. so we're seeing the administration across the board acting in a very conservative way today. >> thank you very much. >>> up next, he spent millions of his own money warning about dangers of socialism. now the next crisis in washington. tom peterffy will join me next. ♪ [ cows moo ] [ sizzling ] more rain... [ thunder rumbles ] ♪ [ male announcer ] when the world moves... futures move first. learn futures from experienced pros with dedicated chats and daily live webinars. and trade with papermoney to test-drive the market. ♪ all on thinkorswim. from td ameritrade. with the spark cash card from capital one, sven gets great rewards for his small business! how does this thing work? oh, i like it! [ garth ] sven's small business earns 2% cash back on every purchase, every day! woo-hoo!!! so that's ten security gators, right? put them on my spark card! why settle for less? testing hot tar... great businesse
its existing bills. it doesn't create new deficits, it doesn't create new spending. so not raising the debt ceiling is sort of like a family trying to improve its credit rating saying, i know how we can save money, we won't pay our credit card bills. not the most effect of way to improve your credit rating. >> ben bernanke says the u.s. economy appears to be willing to raise the debt ceiling. it's downplaying fierce that this could lead to higher inflation. >>. >> what do you think? >> well, i think, you know, what we've seen in the beginning of the year, like the solution of the fiscal cliff for the fist time in the more global renegotiation, what bernanke know and the government is they don't want the economy to be in another recession. probably it's going to be a slow process, but the final aim is there and everybody knows where we need to go. >> all right. let's remind you what's on today's show. we take a look out at the auto show. 5:30 eastern. spain is set to tap the bond market today. it's going to tell 12 and 18-month t bills. analysis is due in about 30 minutes' time. >>>
-interest of the government of venezuela, if you've got a deficit, you know, stop giving oil away. stop subsidizing sales to people. that would be a lodge cl thing -- logical thing to do. and if you had a government that was not as idealogically motivated as the current government, if you had a chavista government not as idealogically motivated as the current government, that would be a real, logical thing for them to do. >> yeah. thank you for those comments. before i go to chris for the last question this round, i want to mention that after that we'll be going to the audience for some of your questions. we'll have circumstance rating microphones, so you can be thinking about the questions. hopefully, the certification to this point has been sufficiently provocative that you'll have a number of questions, and we can go into the procedure for doing that. but just to give you a heads up that that's coming shortly. chris, back to you for really a continuation of where charles left his comments. but i want to press it just a little bit further. you've talked about the democracy side. charles also mentioned
. that was approved. they are more or less speaking to their deficit reduction target and very significantly this agreement which beat expectations. it certainly was a risk that met up the business association and the unions would not come to agreement about making the labor market more flexible, that it would have to be imposed by the legislature and that could have created more legislation. but in the end, they got three out of the last five unions to agree. >> do they have growth? >> well, you know, who does? i think at this point, i don't think we can ask too much out of france right now. they've got, i think, the targets for gdp is now 0.2%, 0.3%. but it's kind of the same thing facing the rest of europe. i don't know if that's is particular to them and they are going to be able to pay their debts. it's not going to be a spiral debt that puts us back into the crisis again. >>> national retail federation conference in new york kicks off a week for gatherings in the u.s. >> we'll take a look at what investors could glean from these events. what are you doing? nothing. are you stealing our
remains committed to further reducing the deficit in a balanced way. so that is the response from the white house after the gop at its retreat in virginia came out with the possibility that perhaps we could extend the debt limit for another three months but the senate has to pass a budget, so the republicans which it has not done in four years. so. tracy: no surprise from the white us house. ashley: says no. tracy: okay, then. how about this. hank paulson says he hates the debt limit. you remember the former treasury secretary, the guy who said i need $700 billion right now? no wonder he hates it. ashley: don't we all. tracy: he has given a rare interview. we have details on that next. ashley: first a look at today's winners and losers. the dow just above the water mark. take a look. we'll be right back. ♪ chances are you've become, a better driver over the years. and one company thinks your auto insurance rates should get better too. presenting the aarp auto insurance program from the hartford. i'm a good driver. have been for years. it just makes sense that better, more experi
to finance the government deficit, buying a lot of government bonds and at some point that is going to come apart and it might come apart, might come apart in a fashion that is rather like august of 2007 where things seem to be going smoothly and then all of a sudden it all falls apart and the question is do we have adequate contingency plans in place should that happen? >> right. >> i fear we do not. >> before we let you go, when these transcripts come out do they evoke any memories for you good or bad about these meetings? >> oh, well they evoke lots of memories. i haven't seen the transcripts of course. i look forward to reviewing it because that was my last full year in office. it was a wonderful experience to be there. i learned an awful lot. and certainly one of the things i reflect on is the various points that we missed that i missed and my colleagues missed. >> william poole, former st. louis fed president, thank you so much for your time. steve, thanks to you for sticking around. >> my pleasure. >> meantime morgan stanley trading sharply higher after reporting results this morning
from the social media giant. plus, senator rob portman on the deficit battle shaping up in congress. "squawk box" starts tomorrow at 6:00 a.m. eastern. let's go. ♪ ♪ ♪ [ male announcer ] introducing the all-new cadillac xts... another big night on the town, eh? ...and the return of life lived large. ♪ nothing. are you stealing our daughter's school supplies and taking them to work? no, i was just looking for my stapler and my... this thing. i save money by using fedex ground and buy my own supplies. that's a great idea. i'm going to go... we got clients in today. [ male announcer ] save on ground shipping at fedex office. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car in the aisle...and go. you can even take a full-size or above, and still pay the mid-size price. now this...will work. [ male announcer ] just like you, business pro. just like you. go national. go like a pro.
Search Results 0 to 23 of about 24 (some duplicates have been removed)